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The Kitchen Table

Credit Unions?

11 years ago

Has anyone gotten a mortgage through a credit union? Particularly, USAA or one through the state employee union. I have been checking their interest rates and their mortgage (in my cause refinance) rates are really low. Their auto rates are too. We have never been a member what all is involved? I'd appreciate any comments or advice you all can offer.

Magoo

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Comments (12)

sheilajoyce_gw
11 years ago
I joined our credit union over 40 years ago. I had to open a savings account with $5. Our daughter bought her car with them, and so she also had to join with $5 to open a savings account.
fran1523
11 years ago
I belong to two credit unions and wouldn't do business with a commercial bank if my life depended on it. I've had a csr loan and a HELOC through one of them with no problems. They perform all other kinds of services too like coin counting and industrial shredding.
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I am a merchant who accepts credit cards. On this end it's pretty cut and dry. I get a notice of a chargeback and I must produce my copy of the credit card receipt with their signature on it. It must be either imprinted or through a terminal. With online sales I must produce the hard copy of the order. I have 5 business days to either send or fax my copy proving the charge, or the money is automatically deducted from my bank. Plus a $25 fee. I get chargebacks because I'm an artist who does art and craft fairs throughout the northeast and there are times people in say, New Jersey see a charge from a company they never heard of in Vermont. "I've never been to Vermont!" So they challenge. I produce the receipt and a note they made a purchase at such and such craft fair, and it's done. Go to your credit Union in person and talk to someone who can actually help you. Have someone with some authority help you. You're finding out phone tag doesn't work. Go up the chain of command at the CU to get things done. You have 24 months from the date of the alleged charge to challenge it. The merchant has 5 business days to answer.
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I would be very suspicious. Why do they call themselves the Pentagon Federal Credit Union? Although it is perfectly legal for them to use the word 'pentagon' and the word 'federal' in their name, I believe they do so in order to confuse people into thinking that they are some sort of goverement agency. They are not. A lot of people seem to think that if a company has the word 'American' or 'Veteran' or 'National' in it, it is a goverment agency and is completley safe and legit. Also check out http://www.pentagonfoundation.org Their website says: The Pentagon Federal Credit Union Foundation is a nonprofit institution organized under IRS code 501(c)(3). Administrative costs are covered by the Pentagon Federal Credit Union, therefore 100% of all contributions go directly to programs. Click here to Contribute Now... They go on to solicit donations from their website. None of this seems right to me. You are right to do more research on them. How did you come to find out about them? Did they call you? Here is a link that might be useful: Petagon Federal Credit Union Foundation
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Here's a recent Bank of America story. My wife needed to trigger a large-ish wire transfer out of her parent's account. Not that it mattered, I looked into what would be involved to do so from our main bank. There was a $20 charge and it could be done either online or by phone. My wife called BofA - it was $30 and needed to be done in person! She called the branch nearest to where she was. They would be happy to help her, but she needed an appointment. No, sorry, none were available until two days later. She started calling other branches and found one about 20 miles away that could handle it the same day if she could come right away. She did, arriving at 2:00 to find a BofA'er who was eager to be helpful but was clueless about what she was doing. TWO HOURS later, the wire transfer process had been completed, to happen the next day. My wife was exasperated and asked how it could take them so long to do something other banks could handle online or by phone. There was no answer but the person said "I'll make a note in your file, we won't charge you for the next wire transfer from this account." To which my wife responded, as you might expect, "There won't ever be another wire transfer from this account". I left Wells Fargo 25 years ago because of similar nincompoop-ish incidents. Part of my comment earlier, I've found a medium size bank large enough to not be country bumpkins and slightly smaller than the large ones to avoid having too many idiots, that has the ability to provide good service, bringing to bear its worldly experiences and resources to do so. The banking business is not as hard or as complicated as the frustrating experiences so many have had would lead you to believe.
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jannie
11 years ago
My husband joined a credit union thru his job about 30 years ago. He is now retired but remains a member. We have had all our car loans and 2 home equity loans with them. They offer free checking, no minimum balaces required . I can't think of a downside.
katlan
11 years ago
Am very happy with our credit union. We joined and then our kids joined also. They have their credit cards through them, also auto loans.

They offer money market accounts and other types of accounts. All sorts of advice for money management, rates, calculators, etc.
patti43
11 years ago
We're really happy with our credit union. To me, credit unions are more personal than a regular bank. We tried to fianance our villa through them, but they don't fianance condos, which villas are classified as.

In our paper this morning, I saw that another CU was advertising car loans for 1.90% for 5 years. Wow! That's pretty good, huh?
marie_ndcal
11 years ago
Had good luck with a couple of credit unions in CA. Not sure about here.
nanny98
11 years ago
I was going to post yesterday, but DH said my information was out of date.... so, here is my 'out of date' info. We have belonged to a military credit union forever. It used to be that you had to meet certain requirements to become a member, and all family members sort of belonged to the original member. We have had the most excellent service from our CU for all kinds of loans and savings accounts, including mortgage. I would not hesitate to join a local CU and believe that they are more closely involved with local community than the big banks. I do wonder if there are restrictive requirements now days.
bee0hio
11 years ago
I don't believe that USAA is considered a credit union. But you do have to have served in the military or have a connection with a veteran... spouse, parent, or child.... I think it is.

We have our auto & home insurance with USAA, Roth IRA's, & also used them to find a great deal on a used car. They are very highly rated insurance-wise.
msmagoo
Original Author
11 years ago
USAA looked kinda like a credit union. There is certain criteria and you have to join. The refinance mortgage part doesn't get very good reviews, but I suspect it may be the financial environment the country is in right now.
If anyone else has something to add as far as recomendations please do
Thansk!
joyfulguy
11 years ago
It's like a people's bank (but that can't use that word) Looks kinda like "bank" may be one o' those "four letter words" that they talk about.

The policy is made by the members.

The profits go to the members, in proportion to the amount of business that they did with the credit union.

ole joyful
drewsmaga
11 years ago
We got a mortgage through a credit union and closed on our new house last month. They had the best rate.
joyfulguy
11 years ago
Some are community-based, and some are mainly for a certain type of citizen, workers in a certain company, etc. They require that a potential member buy a share, sometimes $5.00 - 50.00, which is refunded on their withdrawal/death.

They are owned and operated by their members, who choose their Board at an annual general meeting, usually with some retiring each year.

Some, as one in this area, have a number of branches ... and this one's half dozen or so branches are all within about 70 miles of this city.

Some of the profits, as allocated by the Board, are shared among the members, in proportion to the business which they have done with the Credit Union.

Some offer life insurance up to the amount of, I think, the minimum balance that one had in one's account over a certain number of years.

ole joyful

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